Based on the information below, complete Levons pro forma Income statement & Balance sheet for 12/31/17 using the percentage-of-sales method. (Forecast one year only)

Cash Conversion Ratio
Neil & Co., is a regional office retailer. The following values were obtained from the Neil's most recent financial statements:
Accounts receivable turnover per year:		11
Inventory turnover ratio per year:		5
Cost of goods sold (most recent year):		$200,000,000
Ending inventory (most recent year):		$40,000,000
Ending inventory (one year prior):		$36,000,000
Accounts payable (most recent year):		$21,000,000
How many days are there in the cash conversion cycle?
Days in accounts receivable (AR)				Cash conversion cycle: recap
Days in AR =	365/ accounts receivable T/O			Days in accounts receivable			33	days
Days in AR =	365/11 times			+ Days in Inventory			73	days
Days in AR =	33	days		- Days in accounts payable			38	days
				Days in cash conversion cycle			68	days
Days in inventory
Days in inventory =	365/ inventory turnover
Days in inventory =	365/5 times
Days in inventory =	73	days
Annual purchases
Annual purchases =	Cost of goods sold + inventory
Annual purchases =	$200,000,000 + ($40,000,000 - $36,000,000)
Annual purchases =	$204,000,000
Average daily purchases
Average daily purchases =	annual purchases/365
Average daily purchases =	$204,000,000/365
Average daily purchases =	$558,904
Days in accounts payable*
Days in accounts payable =	Accounts payable/ average daily purchases
Days in accounts payable =	$21,000,000/$558,904
Days in accounts payable =	38	days
* Average days in accounts payable